Canaccord Genuity Raises Price Target on Workday (WDAY) to $110; Reiterates Buy
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Canaccord Genuity reiterated a Buy rating on Workday (NYSE: WDAY), and raised the price target to $110.00 (from $98.00). Canaccord believes that WDAY has grown into its valuation and that the stock will begin to advance on a sustainable basis.
Analyst Richard Davis commented, "Instead of publishing a post view note along with 3 dozen other analysts, we did a bit of incremental fundamental research before pushing our assessment of Workday out. Our conclusion is that Workday has sufficiently grown into its valuation and that the stock will begin to advance on a sustainable basis, such that we see the stock piercing the $100 level in a middling tape and going perhaps as high as $120 within six months in a more forward looking/bullish environment. Reiterate BUY."
Shares of Workday closed at $91.69 yesterday.
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